Emeren Group (NYSE:SOL) Issues FY 2024 Earnings Guidance

Emeren Group (NYSE:SOL) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.500- for the period, compared to the consensus EPS estimate of 0.350. The company issued revenue guidance of $150.0 million-$160.0 million, compared to the consensus revenue estimate of $148.7 million.

Emeren Group Trading Down 4.9 %

Shares of SOL stock opened at $1.93 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.40 and a current ratio of 5.40. Emeren Group has a 52-week low of $1.54 and a 52-week high of $4.54. The company has a market capitalization of $116.22 million, a PE ratio of 38.61 and a beta of 1.79. The business’s fifty day moving average is $1.97 and its 200 day moving average is $2.43.

Institutional Investors Weigh In On Emeren Group

A number of institutional investors and hedge funds have recently made changes to their positions in SOL. Envestnet Asset Management Inc. purchased a new position in shares of Emeren Group during the first quarter valued at approximately $64,000. Raymond James & Associates lifted its holdings in shares of Emeren Group by 33.8% during the first quarter. Raymond James & Associates now owns 23,289 shares of the semiconductor company’s stock valued at $135,000 after purchasing an additional 5,885 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Emeren Group by 17.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 18,634 shares of the semiconductor company’s stock valued at $108,000 after purchasing an additional 2,769 shares during the last quarter. Ergoteles LLC purchased a new position in shares of Emeren Group during the first quarter valued at approximately $229,000. Finally, Verition Fund Management LLC purchased a new position in shares of Emeren Group during the first quarter valued at approximately $67,000. Hedge funds and other institutional investors own 44.08% of the company’s stock.

About Emeren Group

Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.